Southwestern Pennsylvania Sees Swift Home Sales in November

PITTSBURGH, Dec. 9, 2013 /PRNewswire/ -- According to the November housing report from the West Penn Multi-List, Inc., Southwestern Pennsylvania saw a nearly 15 percent increase in the number of homes placed under sales agreement.  While at the same time, the average number of days homes were on the market decreased by nearly 15 percent.

"Homes that were sold in November, were on the market almost two weeks less than homes sold in November last year," said George Hackett, current president of the West Penn Multi-List, Inc. and president of Coldwell Banker Real Estate Services, Pittsburgh. "We are seeing homes going under agreement and selling more quickly than we did last year at this time. The housing market in our region continues to perform quite well."

A comparison of November 2012 to November 2013 data for the 13-county region the West Penn Multi-List serves shows:

• New listings increased 2.54 percent (2,122 homes versus 2,176);
• Residential homes placed under agreement increased 14.87 percent (2,501 homes versus 2,873);
• Average days on market decreased 14.61 percent (89 versus 76 days); and
• Average home sale price increased 0.15 percent ($157,050 to $157,282).

"The November housing statistics are reflective of 2013 as a whole," Hackett said. "In 2013, we have seen a modest improvement in new listings and average sale price, with a more dramatic improvement in the number of homes under contract and the average days homes are on the market."

When comparing January - November 2012 data with the same time period in 2013:

• New listings increased 3.43 percent (34,820 homes versus 36,014);
• Residential homes placed under agreement increased 8.53 percent (34,249 homes versus 37,171);
• Average days on market decreased 8.60 percent (93 versus 85 days); and
• Average home sale price increased 1.9 percent ($166,020 to $169,176).

"With limited housing inventory, we expect an active sales season this winter," Hackett said. "So far this winter, home buyers are not letting up their searches, as we often see in our region."

These numbers represent the 13-county area serviced by the West Penn Multi-List, Inc., the definitive source for real estate information for its service area – Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana Counties.

CONTACT: Kristen Laney O'Toole
[email protected]
412-327-2907

SOURCE West Penn Multi-List, Inc.